While the main purpose of a marketing plan is to establish a way for a business to engage customers, a marketing plan serves other key functions as well. All of the functions work together to achieve the same end result, which is to build a customer base and create an environment that will lead to the success of a company.
Introduce a New Product
The market plan can be used to introduce a specific new product or service or an entire new line of products. The plan should contain significant details that can be used to bring the product successfully to the intended audience. Since different products may need varying approaches to sell them, a company may write a market plan for each of its products or services.
Marketing plans are often written when a company plans to move into a new market. For example, a company operating in one state with plans to move into a different state and conquer another market may need to find a different way to market its products or services in a new location. In this case, a marketing plan is drawn up and made ready before the company approaches the new market. This plan will contain specifics about the new market and will identify how the business will approach differences between the new and old market.
Goals and Targets
A marketing plan is often developed to help a company set and achieve sales goals. The plan includes information about the company's products and services and at what percentage they will be featured in helping the company obtain those goals. Also included in this marketing plan are the particular methods of marketing that will be featured in accomplishing the goals.
Overall Features of Marketing Plan
A marketing plan is meant to establish, direct and coordinate a company's sales and marketing efforts. A marketing plan begins by establishing the purpose of the specific plan, followed by clear and specific directions on putting the plan in place. The rest of the plan explains and coordinates the methods that will be used to carry out the elements of the marketing tasks.